PayPal testing virtual debit card for online use, US rollout expected in 2007

[mandy]

PayPal Inc. is testing a virtual debit card that allows PayPal customers to use their PayPal accounts anywhere MasterCard is accepted online, even if the merchant doesn’t accept PayPal.

The PayPal Virtual Debit Card will be issued by J.P. Morgan Chase and processed through First Data Corp., a PayPal spokeswoman says... Buyers can download the software needed for the virtual card from PayPal’s site.

With the virtual debit card, purchases are paid for with a customer’s PayPal balance. If there isn’t enough money in a customer’s PayPal account, the payment will come from the customer’s bank account, PayPal Buyer Credit or the PayPal Plus Credit Card, depending on a customer’s pre-set preferences...

full article: http://www.internetretailer.com/dailyNews.asp?id=19154

[mandy]

Update: the beta is now available in the US

What is PayPal Virtual Debit Card?

You can use PayPal Virtual Debit Card when making online purchases anywhere MasterCard is accepted. PayPal Virtual Debit Card generates a virtual card number each time you make a transaction online so you don't have to use your personal debit or credit card number. To find out if you qualify for all features of PayPal Virtual Debit Card, including virtual card numbers, review the PayPal Virtual Debit Card Checklist.

What are the benefits of PayPal Virtual Debit Card?

By generating a new virtual card number to use in place of your debit or credit card number, PayPal Virtual Debit Card helps protect your financial information every time you shop. It also saves you time by automatically filling in shipping in billing forms at checkout, protects you from fake eBay and PayPal websites, and offers zero liability on unauthorized purchases made from your account.

Is there a fee to use PayPal Virtual Debit Card?

No, there is no charge to download or to use PayPal Virtual Debit Card.

more info: http://www.paypal.com/cgi-bin/webscr?cmd...ns-outside